Blackbird (BIRD) H2 2025 earnings summary

Executive summary

• Elevate remains focused on achieving product-market fit, targeting content creators and marketers, with disciplined spending and a strategy centered on product-led growth and retention before direct marketing.

• Elevate has 138,000 sign-ups, over 1,000 paid users, and 388 retained customers, with annual plans gaining traction and customer lifetime increasing from 5.5 to 8.4 months.

• Strategic partnerships, influencer engagement, and collaboration features are key differentiators and next steps for expansion.

• Blackbird reported a GBP 380,000 profit, retaining high-value customers in sports and news, and recently executed the Winter Games in Cortina.

• The company has about 12 months of cash runway and maintains a disciplined cost base.

Financial highlights

• Revenue for 2025 was £1.38m, down 14% year-over-year from £1.61m.

• Operating costs (excluding LTIP, share options) decreased 18% to £2.95m.

• Adjusted EBITDA loss improved 22% to £(1.67)m; EBITDA loss improved 21% to £(1.72)m.

• Net loss before tax widened to £(2.61)m from £(2.35)m.

• Cash and short-term investments at year-end were £2.72m, down 28%.

Outlook and guidance

• Focus remains on achieving product-market fit for Elevate before ramping up direct marketing spend.

• Product-led growth and organic adoption are being prioritized, with further feature development, integrations, and expansion through events, partnerships, and influencer marketing planned.

• No forecasts will be provided until a repeatable revenue engine and scalable marketing route are established.